Debit Cards
Advantages of a debit card are...
Simple to obtain, Requires close attention to spending habits, Widely accepted, etc.
one benefit of a credit card?
rewards
Credit card purchases come directly from your bank account.
False
Your monthly interest rate is .012. You owe $500.00. How much do you owe in interest?
$6.00
Disadvantages of a debit card are..
Cannot be used to build stronger credit, No reward points, Less protection than a credit card, etc.
How old do you need to be to buy a credit card?
There is not a credit card purchase limit.
False
Your monthly interest rate is .025. You owe $322.00. How much do you owe in interest?
$8.05
What is a debit card?
A debit card is a card used with your checking account. Any money you decide to charge on a debit card comes right out of your checking account.
One credit card disadvantage.
Cost in interest and fees.
There is a minimum payment you must make each month .
True
Your monthly interest rate is .017. You owe $300.00. How much do you owe in interest?
$5.10
One credit card advantage.
Security
Your APR is 27.45%. What is your monthly interest rate?
.022
A credit card is a type of loan where the money you spend is borrowed from the card provider